FitSmallBusiness - Landlord Insurance: What All Rental Property Owners Need to Know - LBPM

FitSmallBusiness – Landlord Insurance: What All Rental Property Owners Need to Know

Landlord Insurance: What All Rental Property Owners Need to Know

FitSmallBusiness – Landlord Insurance: What All Rental Property Owners Need to Know

Don’t Make Price Your Only Criteria When Choosing a Policy

That said, Brandon Stein, COO of LBPM, a Los-Angeles based property management firm, recommends not making price your sole criteria, as well as considering higher deductible plans.

The importance of insurance for a new or seasoned landlord falls on the quality of the carrier, the coverage they offer, and the service they will receive from the agent. Price is always a factor, yet should not be the most important one.

Consider going with a slightly higher deductible of $2,500 instead of the lowest $1,000 deductible plans. Most owners will end up paying the costs directly up to the $2,500 range to avoid having to have a loss claim on their insurance for the extra premiums it will cost them in years to come.

While this may end up be very slightly more expensive in the short term, following Brandon’s advice will mean better pricing in the future as your portfolio grows.

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